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RealTime IT News

Internets Soar As Nasdaq Sets New Record

Internet stocks continued rising on Monday, following news of several upgrades and stock splits. The Nasdaq Composite kept its hot streak alive, setting its 52nd record of 1999.

internet.com's Internet Stock Index closed up 9.66 to 845.38, the Nasdaq Composite added 37.93 to 3658.17 and the Dow Jones industrial average fell 32.11 to 11192.59.

SciQuest.com (SQST) climbed 6-3/8 to 52. Banc of America Securities initiated coverage of the B2B provider of scientific and laboratory products with a "buy" rating and a $75 price target.

CMGI (CMGI) bolted 17-9/16 higher to 211-5/8. CMGI's majority owned, 1stUp.com announced it has eclipsed the 1 million subscriber mark. 1stUp.com allows consumer oriented businesses to provide its customers with free, advertising supported, Internet access.

InterWorld Corp. (INTW) rose 9-1/4 to 72-7/8. Barrington Research Associates initiated coverage of the business-to-business software provider with a long-term "buy" and a 12 month price target of $91.

BroadVision Inc. (BVSN) rocketed 22-5/8 to 130. The maker of customer service software for Internet businesses will join the Nasdaq 100 index on Dec. 20.

Foundry Networks (FDRY) flew 26-1/4 higher to 304. The Internet equipment maker Monday announced a 2-for-1 stock split. Shares have risen 11-fold since going public in September.

Whittman-Hart Inc. (WHIT) plunged 24-3/4 to 54-1/2 after announcing it will buy USWeb/CKS Corp. for $5.88 billion in stock. Whitman will pay about $68.55 a share for USWeb/CKS. That represents a 35 percent premium from Friday's close.

Investors should be preparing for a flood of IPOs set to hit the market this week. Two highly anticipated issues are C-bridge Internet Solutions and Infonet Services. Merrill Lynch is the lead underwriter for data-communications company, Infonet Services, which did $173.2 million in revenues for the six months ended Sept. 30.


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